Gina Sanders, FFM’s president and CEO since 2010, is also remaining with Condé Nast parent company, Advance Publications, in an unannounced capacity. The rest of the staff will be moving to Penske.

The FFM sale is Condé Nast’s second major change to its fashion portfolio in the last week. The company recently announced it is spinning off its Lucky brand into a new joint venture in collaboration with e-commerce platform, Beachmint—a move Condé Nast President, Bob Sauerberg, told the Wall Street Journal was "the first in a series of initiatives we are undertaking as we re-engineer our organization."

The company’s CEO, Charles Townsend, echoes Sauerberg’s comments in his own statement on the FFM sale.